From attempting to play online today, the ranked mode is far more restrictive than SSF4's was. You get to select skill level, region and language and that's it. There's no option to make a ranked lobby or reject people with poor ping. You're throw into completely blind character select without even knowing the User ID of who you're playing till you get in the game.
With the 'regional' match making, I ended up getting connected (not by choice) to players in Singapore who were so freaking laggy I couldn't even get something like mash tenderizer --> L3 Hyper to work. I'm hoping it matches more appropriately when more of Australia is officially online with it.